The New York hedge fund disclosed a 6% stake in the largest developer of chips for automobiles

Elliott Management Corp. disclosed a 6% stake in NXP Semiconductors NV on Friday, a signal it plans to push Qualcomm Inc. to raise its $39 billion offer to acquire the world’s largest developer of chips for automobiles.

The New York-based hedge fund, in a securities filing, said NXP’s shares are “significantly undervalued.” It added that it plans to continue talks with the chip maker’s board, management and potential acquirers among others in connection with operations and strategic transactions including the pending...